Citi Accelerate Savings is an online savings account that pays 1.01% APY on balances of $100 or more for a limited time as part of its ongoing drive to attract new customers.

The “citi accelerate savings apy” is a new offer from Citi. The bank is now offering 1.01% APY on balances over $500,000!

Citi Accelerate Savings – Now 1.01% APY!

[Update June 2022: Citi increased the rate on the Cit Accelerate High Yield Savings Account by a significant amount. The account now pays 1.01 percent annual percentage yield (APY), up from 0.60 percent in March and 0.50 percent to begin 2022. A $1 minimum balance is required, however you may be required to satisfy other conditions to avoid a monthly charge. [For further information, see the section below.]

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Citibank, Citigroup’s retail banking subsidiary, has maintained its high-yield “Accelerate Savings” account competitive amid the low-rate climate of recent years. For the most of that time, it remained at 0.50 percent APY, whereas the national average was merely 0.06 percent APY for a savings account and 0.11 percent APY for a money market account.

Citibank’s CD rates are now lower than those offered by online banks, but they have the best yields of all the main banks (Wells Fargo, Chase, Bank of America and US Bank).

This article will teach you how to:

To avoid costs, you must first join one of Citibank’s six banking packages and complete specific monthly criteria before setting up your Citi Accelerate Savings Account. Keep in mind that if the conditions aren’t satisfied on both the checking and Citi Accelerate Savings sides, surcharges may apply.

The six bundles available are shown below. The Citi Accelerate Savings Account comes with everything:

  1. Citigold — Intended for high-net-worth individuals. You must have at least $200,000 in qualifying linked deposit, retirement, and investment accounts to qualify for a Citigold Package of Accounts. On the checking and Accelerate Savings sides, there are no monthly service fees for Citigold customers.
  2. Citi Priority is a service provided by Citibank. – Intended for those with a high net worth or combined accounts. Upon opening, the package comprises a standard or interest checking account as well as a Citi Accelerate Savings Account. To avoid a $30 monthly service charge, you must have a combined average monthly balance of $50,000 or more in qualifying linked deposit, retirement, and investment accounts.
  3. When you open a Citibank Account – Package, you’ll get a separate Citi Accelerate Savings Account. Maintain needed balances and link to a normal or interest checking account to avoid monthly service costs. To avoid a $25 monthly service charge, you must have a combined average monthly balance of $10,000 or more in qualifying linked deposit, retirement, and investment accounts.
  4. Account Citi Elevate — When you open this account, you’ll get an interest checking account and a Citi Accelerate Savings Account. You must maintain a monthly balance of at least $5,000 to avoid a $15 charge on the checking side. To avoid a $4.50 monthly charge, your Citi Accelerate account must have a $500 average balance if it is not connected to your checking account.
  5. Banking Fundamentals/Account Access — When you open your account, you’ll get a Citi Accelerate Savings Account as well. You must either make one qualifying Payment through direct deposit AND one qualifying bill payment every statement period OR maintain a combined monthly average of $1,500 in linked accounts to avoid a $12 monthly service charge. If your Citi Accelerate account isn’t connected to your checking account, you’ll need to have a $500 average amount in it to avoid a $4.50 monthly charge, much like the Elevate Account.

Is the Citi Accelerate Savings Account right for you?

The Citi Accelerate Savings account is only offered in a few regions, however this market has grown since the account’s inception. Residents of all states, with the exception of New York and a few markets in Florida and Illinois, will be eligible by June 2022.

Here’s how the Citi Accelerate APY works for people in all qualifying locations across all Citi packages:

Package of Accounts APY
Private Client Citigold 1.01%
Citigold 1.01%
Citi Priority is a service provided by Citibank. 1.01%
Account with Citibank 1.01%
Account Citi Elevate 1.01%
Banking Fundamentals 1.01%
Account Access 1.01%

According to recent FDIC statistics, the current national average for a money market account and a savings account is merely 0.07 percent APY and 0.08 percent APY, respectively, putting the 1.01 percent APY return in context.

Customers of Citibank enjoy free access to over 65,000 ATMs and 723 branches in the United States alone. There are also many online methods for managing and accessing your money.

Citibank is proud of its industry-leading digital banking products and services. Global Finance awarded Citibank (again) the “World’s Best Digital Bank” in 2018.

Once you have your username and password, you may access your account from anywhere at any time.

You may also get their native app(s) from the Apple App Store or the Google Play Store.

Citi-Accelerate-Savings-%E2%80%93-Now-101-APYapple.com is the source of this photograph.

On IOS, the app has 2.9 million user ratings and a 4.9 star rating out of 5.

On Google Play, the app has over 848,000 user reviews and a 4.7 star rating out of 5.

Making a Deposit

You may deposit money into your Citi Accelerate Savings account in a variety of ways. These are some of them:

  • Deposit at an ATM
  • Payment through direct deposit
  • Check it out by mail
  • Bank transfer over the internet
  • Citibank branch in your area
  • Deposit through mobile device
  • Transfer of data by wire

If you deposit money into a Citi savings account before the cutoff time of 6-7 p.m. EST, the money is usually accessible right away. After this time, any deposits will usually be accessible the following working day.

Funds Withdrawal

Cash withdrawals are done in the same manner as deposits are made. These are some of them:

  • Withdrawal from an ATM
  • Citibank branch in your area
  • Bank transfer over the internet
  • Transfer of data by wire

Keep an eye on your account minimum requirements before Funds Withdrawal to avoid the aforementioned fees.

Citi has launched a new savings account that offers an APY of 1.01%. The “citi accelerate savings transfer limits” is the minimum amount you can deposit to get this rate.

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